Wait a few moments and have another go.
According to the message, theVolume Shadow Copy failureoccurs because there is another instance of VSS already running.
Now, let me show you how to create a backup with this tool:
Step 1.

Launch MiniTool ShadowMaker for free and go to theBackuppage.
MiniTool ShadowMaker TrialClick to Download100%Clean & Safe
Step 2.
Click onBack Up Nowto start the process immediately.
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This post tells you how to back up a computer.
In this case, restarting this service might help.
To do so:
Step 1.

Scroll down to findVolume Shadow Copyfrom the list and right-press it to chooseRestart.
Heres how to do it:
Step 1.
Typecmdin the search bar to locateCommand Promptand right-select it to selectRun as administrator.
When making a backup, confirm to run only one program and disable other backup programs.
After that, trigger the backup job again to see if VSS error 0x80042316 is gone.
Final Words
Now, you are probably free from Volume Shadow Copy error 0x80042316.
If you have similar VSS errors, the solutions above are also applicable.
Hope you’ve got the option to make a backup or restoration without errors!